Hong Kong’s de-facto central bank, the Hong Kong Monetary Authority (HKMA), has added a central bank digital currency (CBDC) section to an annual business competition in the city in order to encourage research into the use cases of digital currencies.
See related article: Hong Kong to launch US$637 mln tech fund for startups: report
Fast facts
- The competition, called Global Fast Track, invites companies to pitch business plans relating to the adoption, programmability, interoperability, privacy, cybersecurity, foreign exchange and liquidity management, and offline payments of CBDCs, according to a press release.
- Candidates may have the chance to work with the HKMA on research projects and pilots.
- Hong Kong, which is developing a digital currency called the e-HKD, is piloting a cross-border CBDC project alongside the central banks of mainland China, the United Arab Emirates and Thailand, as well as the Bank of International Settlements.
- Governments around the world are racing to develop their own official digital currencies issued by their respective central banks.
See related article: Why a Hong Kong CBDC is coming — for institutions
